Skimmer Billing – Receiving Your 1099-K

Skimmer's integration with Stripe comes with certain responsibilities, including information reporting from the payment processor. Payment platforms are required to send 1099-Ks to merchants when processed reportable payments exceed $5000 with more than 0 transactions in a calendar year. 

• What is a 1099-K? A tax form used to report payments transactions, a copy of which must be delivered to the payment recipient and filed with the IRS.
• Who files a 1099-K form? Merchants.
• Who receives a 1099-K? Merchants who have received payment using a third party payment network. Ex: Etsy seller receives 1099-K from Etsy.
• How do I report my 1099-K income on my tax return? To report your 1099-K income on your tax return, you will need to file Schedule C with your Form 1040. On Schedule C, you will report your total income and expenses from your business. Your 1099-K income will be included in your total income.

What does this mean for you? 

To verify the mailing address where your 1099-K is sent, on Skimmer's website go to Settings > Payments, click the Enabled button, and this will lead to a verification screen. If the mailing address currently listed there is correct for receiving the 1099-K, you don't need to do anything else and will automatically receive it. If you want to change this address, you'll need to call Skimmer to request a change and/or request a PDF. If you do not call or email, the existing address on file will be used to send the 1099-K. If you require a PDF version, call us to request one.

Here are some helpful links:

Intro to 1099-K tax forms for platforms and marketplaces (Stripe)

About Form 1099-K (IRS)

Form 1099-K (IRS)